The arrangement was the “least costly” outcome for the troubled thrift, the Federal Deposit Insurance Corp. said in a statement — but the failure still will cost the FDIC $4.9 billion, Bloomberg reports.

BankUnited, which had 86 offices and assets of $12.8 billion, was felled by bad bets on the Flroida real estate market. The bank will keep its name but will be owned by WL Ross & Co. and Carlyle Group. It will be run by former North Fork Bancorp Chief Executive John Kanas.

BankUnited customers will see little change, the FDIC said. Its 86 offices will open as usual Friday. Deposits will be insured by the FDIC. Customers can continue to use BankUnited, FSB’s checks, ATM cards and debit cards.

Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual, the FDIC said.

The FDIC and BankUnited will share in the losses on $10.7 billion in assets covered under the agreement.

“The loss-sharing arrangement is projected to maximize returns on the covered assets by keeping them in the private sector,” the FDIC said. “The agreement also is expected to minimize disruptions for loan customers as they will maintain a banking relationship.”

The new BankUnited will recapitalize the institution with $900 million in capital, the FDIC said.
BankUnited will not assume $348 million in brokered deposits. BankUnited customers who have questions can call the FDIC at 1-800-451-1093.

BankUnited is the sixth-largest financial institution in Palm Beach County, where it has 17 offices and deposits of $1.6 billion.